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Thursday, July 28, 2016

Richard Duncan*: Central Banks Will Not Let

THEIR System Collapse No Matter What

Do Wealthy & Powerful Ever Willingly Give Up Their Wealth & Power?

Economist Richard Duncan discusses the continuing economic malaise .. he reviews the causes of the collapse & what governments & central banks have done to try and arrest the decline. He believes the 'whatever it takes' mentality will continue on & that no politician or banker will risk a prolonged depression or collapse. Therefore, look for more of the same only worse, as the alternative may be even more frightening .. 29 minutesLINK HERE to the podcast

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Anonymous
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Hillary Clinton Talks Tough on Shadow Banking, But Blackstone Is Celebrating at the DNC

Blackstone, the giant Wall Street private equity firm, will hold an invitation-only reception before the final night of the Democratic National Convention in Philadelphia. The event, at the swanky Barnes Foundation art museum, includes the usual perks for attendees: free food, drink, and complimentary shuttle buses to the final night of the convention.

What’s unusual is that the host is precisely the kind of “shadow banker” that Hillary Clinton has singled out as needing more regulation in her rhetoric about getting tough on Wall Street.

But Blackstone President and Chief Operating Officer Hamilton “Tony” James doesn’t seem the least bit intimidated.

James has been a stalwart supporter of Barack Obama, holding fundraisers for him at his home, even while other Wall Street titans criticized him — in fact the co-founder of James’s own company, Blackstone CEO Stephen Schwarzman, once likened Obama’s push to increase taxes on private-equity firms to a “war,” saying: “It’s like when Hitler invaded Poland in 1939.”

Last December, James hosted a high-dollar fundraiser for Hillary Clinton that featured Warren Buffett. He’s made six-figure donations to the Center for American Progress, known as Clinton’s White House in exile, and sits on CAP’s Board of Trustees. And he has made no secret of wanting to hold a high-level position in a future Democratic administration, perhaps even Treasury Secretary.The head-scratcher here is that James runs a private equity firm, exactly the kind of “shadow bank” that Clinton has derided as a scourge to the financial system.Clinton argued during the primaries with Bernie Sanders that they were more dangerous than the big banks, because of the lack of scrutiny on their risk-taking. That was the linchpin of her argument that Sanders’s plan was too myopic, and that her plan, which sought to crack down on shadow banking and deny it sources of funds, was more comprehensive.

James has not only actively engaged in defending the whole concept of shadow banking, he created the original private equity trade group, formerly known as the Private Equity Council. The group later quietly changed its name to the more innocuous-sounding American Investment Council.

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